• BITCOIN
    • BITCOIN FUTURES ETF
    • ETHEREUM
    • INVESTMENT FIRMS
    • SPOT BITCOIN ETF
    • SPOT ETHEREUM ETF

    Crypto investment products saw $528 million in net weekly outflows amid recession fears: CoinShares

    theblock.co 05/08/2024 - 10:59 AM

    Global Crypto Investment Products See First Net Outflows

    Global crypto investment products at asset managers like Ark Invest, Bitwise, BlackRock, Fidelity, Grayscale, ProShares, and 21Shares registered net outflows totaling $528 million last week, marking the first outflows in a month according to CoinShares’ latest report.

    Reasons for Outflows

    The outflows were described as a reaction to fears of a recession in the U.S., geopolitical concerns, and broader market liquidations across most asset classes. CoinShares Head of Research, James Butterfill, noted that $10 billion was wiped off total ETP AUM due to the price correction from Friday’s close.

    Bitcoin Dominates Outflows While Ethereum Sinks

    Bitcoin-based products dominated the outflows with $400 million, following five consecutive weeks of net inflows. Conversely, Ethereum investment products experienced net outflows of $146 million, majorly impacted by $603 million in outflows from Grayscale’s fund, ETHE. Despite this, new Ethereum ETFs saw a combined $433.6 million in inflows.

    Regional Outflows and Inflows

    U.S.-based funds led the losses, losing $531 million globally. However, Switzerland and Canada saw net inflows of $28 million and $17 million respectively, as price weakness was viewed as an opportunity to invest.

    Crypto Market Declines

    The crypto market experienced significant declines over the weekend. Bitcoin fell below $50,000, and Ether lost all year-to-date gains, trading under $2,200. Currently, Bitcoin is trading at $51,723, down 15% in 24 hours and 25% over the last week, while Ether is at $2,279, down 22% in the last 24 hours and 32% over the week. The GMCI 30 index, representing top cryptocurrencies, fell 18% in the last 24 hours to 95.96, losing 28% over the previous week.




    Comments (0)

      Greed and Fear Index

      Note: The data is for reference only.

      index illustration

      Extreme Greed

      84